Remitly Global (NASDAQ:RELY) Announces Quarterly Earnings Results

Remitly Global (NASDAQ:RELY) issued its quarterly earnings data on Wednesday. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.15, Zacks reports. Remitly Global had a net margin of 16.85% and a return on equity of 33.33%. The firm had revenue of $509.84 million during the quarter, compared to the consensus estimate of $507.31 million. During the same period last year, the business posted $0.04 earnings per share. The business’s revenue for the quarter was up 21.5% compared to the same quarter last year.

Here are the key takeaways from Remitly Global’s conference call:

• Remitly delivered a record quarter, with revenue up 22% to $510 million, adjusted EBITDA up to $121 million at a record 24% margin, and net income of $68 million.
• Core activity remained strong: send volume grew 25%, active customers grew 17% to 10.3 million, and transaction margin dollars increased 27%. Management said customer acquisition and retention were strong, while noting that larger transfers and business customers are lifting volume per customer.
• Remitly is expanding beyond consumer remittances: its business product has more than 30,000 users, its Global Card is expanding across the U.S., and new businesses are expected to grow from about 5% of revenue in 2026 to more than 10% in 2028.
• Management’s early 2027 outlook calls for high-teens revenue growth, currently expected at the low end, and adjusted EBITDA margins broadly in line with 2026. Tougher comparisons from the remittance tax and more normalized investment spending are expected to weigh on growth and limit margin expansion.
• Temporary Indian foreign-currency measures affected large transfers, though management said the impact was difficult to quantify; large-transfer volume outside India grew 80% year over year, and the company expects the disruption to stabilize over time.

Remitly Global Trading Up 6.7%

NASDAQ RELY traded up $1.70 during trading on Wednesday, reaching $27.08. The company’s stock had a trading volume of 7,973,647 shares, compared to its average volume of 3,854,112. The firm has a 50 day moving average price of $23.73 and a 200 day moving average price of $20.56. Remitly Global has a 12 month low of $12.08 and a 12 month high of $28.00. The firm has a market capitalization of $5.73 billion, a price-to-earnings ratio of 19.48 and a beta of 0.46.

Insider Buying and Selling at Remitly Global

In other news, Director Phillip Riese sold 160,182 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $24.94, for a total transaction of $3,994,939.08. Following the transaction, the director directly owned 361,094 shares of the company’s stock, valued at approximately $9,005,684.36. This trade represents a 30.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Pankaj Sharma sold 21,000 shares of Remitly Global stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $26.39, for a total transaction of $554,190.00. Following the completion of the sale, the insider owned 716,022 shares of the company’s stock, valued at approximately $18,895,820.58. The trade was a 2.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 478,738 shares of company stock valued at $11,874,000 over the last ninety days. Company insiders own 6.53% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Citizens Jmp increased their target price on Remitly Global from $30.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Thursday, August 6th. KeyCorp boosted their price target on Remitly Global from $28.00 to $33.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Monness Crespi & Hardt restated a “buy” rating on shares of Remitly Global in a research note on Thursday, August 6th. The Goldman Sachs Group upped their price objective on Remitly Global from $27.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Finally, Cantor Fitzgerald increased their price objective on Remitly Global from $28.00 to $30.00 and gave the stock an “overweight” rating in a research report on Monday, August 10th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $27.78.

About Remitly Global

Remitly Global, Inc is a digital financial services company that enables consumers to send money internationally. Its platform is designed primarily for immigrants and other customers who regularly transfer funds to family and friends in their countries of origin.

Through its mobile application and website, Remitly allows users to initiate cross-border remittances and select delivery options such as bank deposits, mobile-wallet transfers, cash pickup and, in some markets, home delivery.